Daily US grain report: grain futures up on surprising China trade overture
US grain futures prices were firmer overnight, with corn up around 2 cents, soybeans up around 3 cents and wheat up 5 to 7 cents.
25 November 2019
7 minute read
By: Grain trader attitudes are more upbeat to start the trading week on news that China says it will step up its efforts to protect intellectual property rights. That is a key element the US wants China to reform in order to reach a trade deal. It could be that the US's hard-line approach on the trade deal with China is putting pressure on China to get a deal completed soon.
© Jim Wyckoff
© Jim Wyckoff
US Midwest weather is becoming less of a market factor as harvest is finally winding down. Weather focus is turning to South American corn and soybean regions as corn and soybean crops are being sowed.
© Jim Wyckoff
© Jim Wyckoff
Traders will closely examine today's weekly USDA export inspections report.
The near-term technical chart postures for all three grain markets continue to favor the bears as all three grains are in near-term price downtrends on the daily bar charts.
